I have a client that bought a house in 2008 and qualified for the first time home buyer credit. He has been repaying ever since. He sold that house in 2019 for a loss. I've entered all the information on the form 5405 in proseries, but I can't figure out how the program is calculating part III. It is putting different numbers there.
The sell price of the house was 276,000, expenses 2548, basis 283,500.00. So a total loss of 10,048. Proseries puts 138,000 as the sell price on line 9, 1274 on line 10, 136726 on line 11, and 141,750 on line 12. What am I missing here?
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So its splitting everything in half? Is it a joint return and you have it marked as only the taxpayer owned it or something like that?
Your reply just helped me see the issue. I do have it marked as jointly owned. Proseries is generating two forms 5405, one for taxpayer and one for spouse. So simple, I should have seen that! Thanks for your help!
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